Keith's Story

I remember negotiating a 4% discount on the price of the residential element of Coin Street when it was acquired by the Greater London Council (GLC), which meant we bought it for 96p instead of £1. 

It arose because there were eight residential sites under the planning consent, each on its own lease. The leases had to be of positive value, not negative (the GLC could not be made to pay to get them taken away).   

Even with values in the early ‘80s, getting the price to be affordable to the community and not negative was difficult. Too many expensive obligations in the development pushed the value below £1, which was all the community could afford. I spent months of careful drafting sending endless re-drafts to the GLC valuers, who would say “Plus £50,000”, “Minus £20,000” and so on until we agreed on a price for all eight at £1.  

At which point there was a debate about how the £1 was split into eight. I had been schooled in the pre-decimal aliquot parts of a pound so knew that it was half-a-crown a pop. 2s/6d in old money, 12.5 pence in new. The chief GLC conveyancer (Mr Stout) said he was not having half a penny in any lease his name was on, so we agreed 12 pence each. I saw off the suggestion for eight one pounds.  

At completion I paid over £1, which has never been reimbursed, nor did the GLC give me the change (difficult for them as they ceased to exist shortly after).   

It has let me boast about concluding the largest cheap land deal in London ever after. I’m proud to have been part of Coin Street from the start and have a great feeling when I see just what the community has created